Gladstone Investment Provides Update on Impact of Coronavirus
April 06 2020 - 9:00AM
Gladstone Investment Corporation (Nasdaq: GAIN) (“Gladstone
Investment” or the “Company”) announced the following update:
Portfolio Update: While the COVID-19
pandemic is affecting our portfolio companies to various degrees,
the Company is proactively engaged with their management teams
during these difficult times, and is providing management
assistance and support, as necessary. At this time, our portfolio
companies continue to operate with varying levels of results,
depending on their sector and geographic location.
The Company’s current financial position remains strong with a
low-leveraged balance sheet and adequate liquidity. We do not
expect a need to issue new common equity capital in the near-term
and are in a good position to support our portfolio companies,
should they face liquidity needs relating to potential temporary
operating performance challenges. As expected, given the
uncertainty of the pandemic there will be some affect on fair
values in the near term, though we believe we have a strong
portfolio of companies.
Distributions: The Company intends to
report earnings results for its fiscal year ended March 31, 2020 on
May 12, 2020. As previously reported, the Company was
expecting strong performance for this fiscal year and it continues
to believe that it has met its expectations. The Company’s board of
directors is scheduled to meet (at its regular quarterly meeting)
on April 14, 2020, during which it will set the monthly cash
distributions for each of April, May, and June 2020. As it
currently stands, the Company expects to recommend to its board of
directors to declare regular monthly cash distributions on our term
preferred stock and on our common stock that are equal to the
current monthly distribution rate per share, which for our common
stock is $0.07 per month or $0.84 annually. The board of directors
will also be asked to consider declaring further supplemental
distributions and deemed distributions to common stockholders, as
it has done in the past from time to time.
About Gladstone Investment Corporation:
Gladstone Investment Corporation is a publicly traded business
development company that seeks to make secured debt and equity
investments in lower middle market businesses in the United States
in connection with acquisitions, changes in control and
recapitalizations. Information on the business activities of all
the Gladstone funds can be found at www.gladstonecompanies.com.
For Investor Relations inquiries related to any of the monthly
dividend paying Gladstone funds, please visit
www.gladstonecompanies.com.
Forward-looking Statements: The statements in this press release
regarding the longer-term prospects of Gladstone Investment are
"forward-looking statements." These forward-looking statements
inherently involve certain risks and uncertainties in predicting
future results and conditions. Although these statements are based
on Gladstone Investment's current plans that are believed to be
reasonable as of the date of this press release, a number of
factors could cause actual results and conditions to differ
materially from these forward-looking statements, including those
factors described from time to time in Gladstone Investment's
filings with the Securities and Exchange Commission. Gladstone
Investment undertakes no obligation to update or revise these
forward-looking statements whether as a result of new information,
future events or otherwise, except as required by law.
SOURCE: Gladstone Investment Corporation
For further information: Gladstone Investment Corporation,
703-287-5893
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